Nexans to construct historic EuroAsia Interconnector under €1.4bn contract
Nexans, a global player in electrification, has secured a €1.43 billion turnkey contract for the EuroAsia Interconnector, the world’s longest and deepest 525kV high voltage direct current (HVDC) subsea cable.
The cable, a part of a broader project to interconnect the grids of Greece, Israel, and Cyprus, spans 2×900 km and plunges to over 3,000 meters beneath the Mediterranean Sea. Manufacturing will take place at Nexans’ facilities in Halden, Norway, and Futtsu, Japan, with installation by Nexans Aurora and Nexans Skagerrak vessels.
The EuroAsia Interconnector will facilitate an exchange of up to 1,000 MW, expandable to 2,000 MW, among the three nations. This transfer is equivalent to the average electricity consumption of three million households and signifies an end to Cyprus’s energy isolation, creating an energy bridge between Europe and Asia. The first section of the project, Pole One, is set for completion in 2028, with Pole Two following in 2029.
Nexans lands contract for EuroAsia Interconnector, the world’s longest subsea power cable. Image courtesy of NEXANS.
Christopher Guérin, CEO of Nexans, said: “This record-breaking project demonstrates our capacity to innovate and push the limits of electrical transmission and distribution to meet an ever-growing global need. This is a crucial step on the path to a carbon-free economy. Nexans’ global electrification strategy is playing a key role in the world’s journey to a net zero future and we are excited that we have been selected to bring the development of the EuroAsia Interconnector to life.”
Designated a Project of Common Interest (PCI) by the European Union, the interconnector is set to benefit from expedited planning and permitting, lower administrative costs, and public participation. To qualify as a PCI, projects must contribute to the EU’s energy and climate goals, consequently, a significant portion of the electricity shared will originate from renewable and decarbonized sources.
Greece’s Transmission System Operator, IPTO, contributes technical and operational capacity to the project, ensuring its successful implementation.
CEO of EuroAsia Interconnector, Nasos Ktorides, stated: “We are proud that after 12 years of hard work the world’s longest and deepest subsea HVDC electricity interconnector built by Nexans will put Cyprus on the world energy map, while also ending the energy isolation of Cyprus, the last non-interconnected EU member state, and Israel. The EuroAsia Interconnector Israel-Cyprus-Greece electricity interconnector is a leading European project of common interest PCI 3.10 that ends the energy isolation of Cyprus and Israel, creates security of supply, significantly reduces the CO2 emissions, and serves the “Green Deal” of the European Commission.”
Greek and Cypriot energy regulators are expected to give their formal clearance shortly.